EUR/USD - 1.5894... Euro retreated fm a 12-week high at 1.5972 made in
Australian morning y'day to 1.5841 (y'day's European low) on dlr's broad-based
rebound (on the announced rescue plan for Fannie Mae n Freddie Mac) but European
n U.S. traders were less enthusiastic to take the dlr higher n the single ccy
was able to stage a rebound to 1.5934 in U.S. session.

Y'day's bounce fm 1.5841 suggests the correction fm 1.5972 has possibly
ended n consolidation with upside bias is seen, however, a break of o/n NY high
at 1.5934 is needed to confirm recent upmove has once again resumed for re-test
of 1.5972 n then 1.5986 (61.8% projection of 1.5303-1.5910 fm 1.5611), however,
reckon this year's record high at 1.6020 shud hold on 1st testing due to 'loss
of momentum' (hourly oscillators are likely to display bearish divergences on
such rise) n yield retreat later.

Therefore, buying on dips is favoured but profit shud be taken on upmove.
Below 1.5832/41 (50% r of 1.5692-1.5972 n y'day's low) wud signal temp. top is
made n risk stronger retracement to 1.5792 (50% r of 1.5611-1.5972) n 1.5765...

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